Upstream Share Discussion Threads

[master rsi] 07/3/2024 22:03

DOW

Finishing 130 points higher .......

US stock markets rose on Thursday, with the S&P 500 notching another record high on the back of strong gains for tech stocks, after comments from the head of the Federal Reserve raised hopes that interest-rate cuts were nearing a reality.

The S&P 500 reached a new high of 5,157.36, rising 1.03% on the day, surpassing a previous peak of 5,137.08 reached on 1 March.
The Dow finished up 0.34%,
while the tech-heavy Nasdaq jumped 1.5% with six of the Magnificent Seven stocks finishing with gains.

[master rsi] 07/3/2024 16:28

How the UPS are performing during last month

[master rsi] 07/3/2024 16:13

How the UPS are performing today

[master rsi] 07/3/2024 15:44

BOOM 250 v 255p+16.50p

They are not cheap like this morning any longer mind you the UT yesterday was a giveaway that today is going to go better

[master rsi] 07/3/2024 15:33

First Tin PLC - London-based tin development company focused on advanced, low-capital expenditure projects in Germany and Australia - Says mineral processing work for definitive feasibility study at its Taronga project in Australia shows enhanced recoveries.

Chief Executive Officer Bill Scotting comments: "This work builds on and improves the previous mineral processing test work on the initial bulk sample. Optimisations by our team in Australia and the ALS Laboratory have successfully shown the deposit has a recovery of over 70% through the gravity circuit, confirming the previous Newmont test work.
The work also shows that gravity circuit recoveries for mineralisation that grades below the average grade being mined, remain above 70%, thus alleviating concerns that the previous test work was only conducted on samples with above average head grade. Results for the full circuit, including crushing, will be reported in the next few weeks, and results of that are eagerly awaited."

[master rsi] 07/3/2024 14:56

DOW

156 points higher on opening up

[master rsi] 07/3/2024 14:08

Coats revenue topples but profit edges up; lifts dividend

(Alliance News) - Coats Group PLC on Thursday said its full-year revenue fell on weaker divisional performances but saw its profit rise on cost reductions.

Shares in Coats were up 10% at 75.70 pence each in London on Thursday morning.

The London-based industrial thread and footwear component manufacturer said revenue, fell by 9.7% in 2023 to USD1.39 billion from USD1.54 billion a year ago, as organic revenue reduced by 14%. This was driven by a weaker performance in its Apparel and Footwear brands.

Pretax profit, however, rose 2.9% to GBP155.8 million in 2023 from GBP151.4 million the year before. This was due to a 2.5% drop in administrative expenses to GBP168.4 million from USD172.7 million in 2022.

Coats declared a final dividend per share of 1.99 US cents, up 15% from 1.73 cents a year prior.

Looking ahead, Coats expects to make "good progress" in 2024 as it eyes "modest revenue growth" while its Apparel and Footwear businesses "gradually recover."

[master rsi] 07/3/2024 13:45

ECB leaves rates unchanged; cuts inflation, growth forecasts
(Sharecast News) - The European Central Bank kept interest rates unchanged on Thursday as it cut inflation and growth forecasts.

The benchmark deposit rate was left at an all-time high of 4%, as expected.

The Bank now expects eurozone economic growth of 0.6% this year, down from a previous forecast of 0.8%. Meanwhile, the forecast for inflation was cut to 2.3% from 2.7%.

The ECB said: "Although most measures of underlying inflation have eased further, domestic price pressures remain high, in part owing to strong growth in wages."

ING global head of macro Carsten Brzeski said the overall tone of the policy statement didn't shift towards more dovishness.

"In fact, the ECB maintained the stance that rates at current levels 'maintained for a sufficiently long duration will make a substantial contribution to this [bringing inflation back to 2%] goal'," he said. "The ECB's general economic assessment has not changed, but the latest round of staff projections brought the expected downward revision to growth and inflation forecasts."

He continued: "While the worsening of the eurozone's economic outlook and further fading away of (headline) inflationary pressures would argue for rather imminent smaller rate cuts to bring some relief, stubborn underlying inflation, particularly services inflation, uncertainty regarding wage developments and the never-ending confidence in an economic rebound in the eurozone still prevent the ECB from cutting rates - at least for now.

"As long as the ECB is not willing to accept that inflation is only roughly returning to target but instead pushing for an exact landing point of 2%, rate cuts should be on the agenda only at the June meeting. This is when enough data points will be available, either confirming that the inflation beast has really been tamed or pointing to renewed upward pressure on prices.

"Only a much more alarmed ECB on the growth outlook could trigger a rate cut already in late April."

[master rsi] 07/3/2024 13:31

PYC 1.40p = / Physiomics revenue rises, losses narrow in first half
(Sharecast News) - Physiomics reported revenue of £0.37m in its interim results on Thursday, up from the £0.34m it recorded a year earlier.

The AIM-traded firm said its total income reached £0.38m for the six months ended 31 December, including other operating income such as grant income, making for a slight elevation from the prior period's £0.35m.

It recorded a lower operating loss of £0.24m compared to £0.29m in the prior period, while cash and cash equivalents decreased to £0.4m from £0.5m, with shareholders' funds amounting to £0.67m as of the end of December, down from £0.76m a year earlier.

The increment in total income was put down to a £36k rise in client revenues and an early contribution from an Innovate UK grant.

It said the operating losses were mitigated by increased revenues and cost efficiencies, including optimised use of permanent staff and the relocation to flexible office space.

Furthermore, the company diversified its client base, reducing reliance on a single large client and expanding consultancy services to various clients.

About 33% of revenue originated from new clients, reflecting a shift towards a more balanced mix of repeat and new business opportunities.

On the operational front, Physiomics won follow-on contracts from existing clients including Bicycle Therapeutics, Merck KGaA, and Numab Therapeutics, along with the appointment of Dr Peter Sargent as its chief operating officer, who subsequently transitioned to chief executive officer.

The company also unveiled plans to establish a biostatistics service line and secured an Innovate UK grant to enhance its personalised dosing tool.

Looking ahead, Physiomics said it was optimistic about meeting market expectations, supported by the expansion of its client base, continuous innovation, and strategic initiatives like the development of a biostatistics service line.

[sunshine today] 07/3/2024 13:20

Late morning RNS

RNS Number : 9982F
Triad Group Plc
07 March 2024



Triad Group Plc



Trading Update



In my overview of results dated 20th December 2023, I said "I personally have never felt so confident and enthusiastic about the state and prospects of the Company for more than 20 years" and "I believe that we are at the beginning of a period of increasing major success and growth". I am delighted to confirm that both these statements are proving to be more than amply justified.

Since 20th December, we have continued to win major and long-term pieces of new business. We returned to profit in November and, apart from the Christmas/New Year holiday period, have been on a strongly rising trajectory ever since. Cash flow, as normal, is following closely behind the profit trend. We have been nominated for more national awards. Our recruitment process is operating at full steam ahead with great success. I should point out that the costs of setting up the new projects and hiring will be absorbed in the fourth quarter; however, this will enable us to get off to a flying start for our new financial year beginning in April. I shall provide a much more extensive account of developments in my statement accompanying the full year results.

[master rsi] 07/3/2024 13:17

KIE 141.80 +6p / Kier Group resumes dividends as revenue and profit jump up

(Alliance News) - Kier Group PLC on Thursday reported "a strong set of results" for its latest half year, and said second-half trading is progressing well.

The Manchester, England-based construction company said pretax profit increased 6.3% in the six months to December 31, to GBP27.0 million from GBP25.4 million.

Kier said revenue increased 22% to GBP1.86 billion from GBP1.53 billion, driven by strong growth in its Construction and Infrastructure Services divisions.

Infrastructure Services revenue rose by 16% to GBP944 million, while Construction revenue surged up 29% to GBP915 million. Moreover, Property revenue more than doubled to GBP22.1 million.

Kier also declared an interim dividend of 1.67 pence per share. This was its first dividend since financial 2019, having committed to recommencing payouts at the end of its previous financial year.

Looking ahead, Kier said it has secured 97% of its expected revenue for the financial year ending on June 30. It said the order book "remains strong" at GBP10.7 billion as of December 31, up from GBP10.1 billion six months prior.

"The second half of the financial year has started well, and we are trading in-line with expectations," commented Davies. "The group is well positioned to continue benefiting from UK Government infrastructure spending commitments, and we are confident in sustaining the strong cash generation achieved over the last 18 months, allowing us to continue to significantly deleverage the group."

[master rsi] 07/3/2024 12:18

How the UPS are performing during last month

[master rsi] 07/3/2024 12:00

How the UPS are performing today

[master rsi] 07/3/2024 11:37

SQC 178.30p (6.30 / 3.66%%) / Serica Energy starts year well, but slates UK energy tax extension
(Alliance News) - Serica Energy PLC on Thursday heralded a good start to 2024, maintaining annual guidance, though it criticised the extension of the energy profits levy announced in the UK government budget on Wednesday.

Serica is an independent upstream oil and gas company with operations in the UK North Sea.

At December 31, net proved plus probable reserves came to 140 million barrels of oil equivalent, up from 130 million barrels a year prior. Overall 2P reserves additions came to 24 million barrels during 2023.

In particular, Serica noted an "even split" of oil and gas reserves, with over 90% of the 2P reserves recorded in fields that are already in production.

Since the year's end, average net production in January and February has been 45,500 barrels of oil equivalent per day.

Chief Executive Mitch Flegg was positive about Serica's start to the year, noting that production thus far has been "encouraging". He added that the firm is "on track" to start planned well intervention and drilling activities on the Bruce and Triton assets during the coming month.

Production guidance for 2024 is still for between 41,000 to 48,000 barrels per day.

Also on Thursday, Serica expressed its "considerable disappointment" at the UK government's decision to extend the energy windfall tax by one year, as announced by Chancellor Jeremy Hunt on Wednesday.

"The kind of approach exhibited in the budget will lead to more imports and reduce the ability of our industry to enhance the UK's resilience to potential energy shocks in the future," said Flegg.

The energy profits levy was due to end in March 2028, but will now end in 2029.

Explaining the decision, Hunt said: "Because the increase in energy prices caused by the Ukraine war is expected to last longer, so too will the sector's windfall profits - so I will extend the sunset on the energy profits levy for an additional year to 2029, raising GBP1.5 billion."

[master rsi] 07/3/2024 10:35

NEXS 77.50 p(2.50 / 3.33%%) Nexus Infrastructure PLC, 12-month range 70.00p-175.00p.

Shares in the provider of civil engineering infrastructure services jump. Nexus Infrastructure says revenue in 2023 to GBP88.7 million from GBP98.4 million a year earlier. Pretax loss widens to GBP8.5 million from GBP909,000.

Nexus Infrastructure pays out a dividend of 2.0p, bringing the full year dividend to 3.0p. Looking ahead the company says: "Market sentiment anticipates a recovery in the housebuilding market over the next 18 months. Tamdown's services, capabilities and expertise form the principal element of activities at the start of new developments and will therefore feature early when conditions in the housebuilding sector improve.
The board will continue to review a range of future growth options to deliver expansion and diversification opportunities, to take full advantage of the group's capabilities and experience."

[master rsi] 07/3/2024 10:14

Melrose Industries reports narrowed loss as aerospace firm
(Alliance News) - Melrose Industries PLC on Wednesday reported a narrowed loss in 2023 thanks to higher revenue, and it reinstated payment of a final dividend.

However, Melrose shares were down 4.8% to 602.00 pence early Wednesday in London.

Birmingham, England-based Melrose is a 'pure-play' aerospace firm, organised into Engines and Structures divisions from the former GKN business. It spun off its automotive engineering businesses as Dowlais Group PLC last April. On Thursday it said it will operate solely under the GKN Aerospace brand for customers, though will retain the Melrose name for the company.

Melrose said its loss before tax narrow to GBP8 million in 2023 from GBP328 million in 2022, as revenue rose by 13% to GBP3.35 billion from GBP2.95 billion.

Aerospace adjusted operating profit was GBP420 million, beating guidance of between GBP400 million and GBP410 million and up from GBP186 million in 2022.

Looking ahead to 2024, Melrose guided for revenue of between GBP3.6 billion and GBP3.75 billion and aerospace adjusted operating profit of between GBP550 million and GBP570 million.

It said Thursday's operating profit guidance was 6% above its prior guidance at the midpoint. The improvement is driven by Melrose's expectation that margin in the Engines division will improve to 28% this year from 26% last year.

Melrose declared reinstated its final dividend, declaring a 3.5 pence payout for a total of 5.0p for 2023. For 2022, Melrose paid a first and second interim dividend, totalling 2.325p.

Melrose also is conducting a GBP500 million share buyback. This was launched in October last year and so far has repurchased GBP93 million in shares.

[master rsi] 07/3/2024 09:59

Gold surges to record highs above $2,160 as Powell touts rate cuts
Investing.com-- Gold prices rose to a record high in Asian trade on Thursday, buoyed chiefly by comments from Federal Reserve Chair Jerome Powell that the central bank will cut interest rates in 2024.

The yellow metal extended a strong rally from last week amid growing optimism over U.S. interest rate cuts, with traders largely holding on to bets that the central bank will begin its rate cutting cycle by as soon as June.

Spot gold jumped more than 0.4% to a record high of $2,161.19 an ounce, while gold futures expiring in April hit a peak of $2,168.10 an ounce.

"The recent rally has been underpinned by a strong surge in investor demand, as the spectre of lower rates has been joined by strong safe haven buying amid elevated geopolitical risks and an uncertain economic backdrop," ANZ analysts said in a note.

Powell touts rate cuts, but Kashkari offers more cautious outlook
Powell said in an overnight testimony that the Fed did intend to cut interest rates in 2024- a scenario that bodes well for non-yielding assets such as gold.

But Powell still provided scant cues on the timing and scale of the planned cuts, stating that the path of the U.S. economy and inflation was likely to determine any monetary easing.

The Fed Chair also said that the central bank needed more convincing that inflation was moving closer to its 2% annual target.

This notion was furthered later by comments from Minneapolis Fed President Neel Kashkari, who said that he did not see more than two, or even one rate cut this year.

Kashkari cited concerns over sticky inflation- a rhetoric that was presented by several other Fed officials over the past two weeks.

While the dollar fell sharply in overnight trade, it recovered mildly during the Asian session, especially following Kashkari’s comments.

Gold prices were also trading below intraday highs by 23:33 ET (04:33 GMT). The prospect of higher for longer interest rates has kept a limited timer on any of gold’s trysts with record highs over the past year.

Other precious metals were far more muted in Asian trade. Platinum futures steadied around $913.80 an ounce, while silver futures fell slightly to $24.477 an ounce.

Focus is now squarely on key nonfarm payrolls data due on Friday, for more cues on the labor market, which is also a key consideration for the Fed in adjusting rates.

Copper buoyed by positive Chinese data
Among industrial metals, copper futures rose 0.3% to $3.8817 a pound, taking support chiefly from stronger-than-expected trade data from China.

The world’s biggest copper importer clocked a stronger-than-expected trade surplus for the first two months of 2024, on an outsized rise in exports.

But a key point of support for copper was a bigger-than-expected increase in Chinese imports. Specifically, Chinese imports of the red metal grew 2.6% year-on-year in the Jan-Feb period, pointing to sustained demand despite fairly muted business activity.

[master rsi] 07/3/2024 09:35

SMALL-CAP WINNERS & LOSERS:

SMALL-CAP - WINNERS

Funding Circle Holdings PLC, up 29% at 36.10 pence, 12-month range 25.00p-60.80p. The small and medium enterprise loans platform says revenue in 2023 operating income rose to GBP154.8 million from GBP133.7 million a year earlier. Net income jumped GBP168.2 million from GBP155.8 million. Pretax profit widens to GBP33.2 million from GBP12.9 million. Funding Circle says it will raise up to GBP25 million through a share buyback.

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Kier Group PLC, up 5.9% at 144.00p, 12-month range 64.00p-147.40p. The infrastructure services, construction and property company reported results for the six months ended December 31. Revenue in the half year rose 22% to GBP1.86 billion from GBP1.53 billion. Pretax profit edged GBP27.0 million from GBP25.4 million. On the back of the results, Kier pays out interim dividend of 1.67p. CEO Andrew Davies says: "The second half of the financial year has started well, and we are trading in-line with expectations. The group is well positioned to continue benefiting from UK government infrastructure spending commitments and we are confident in sustaining the strong cash generation achieved over the last 18 months, allowing us to continue to significantly deleverage the group."

SMALL-CAP - LOSERS

Residential Secure Income PLC, down 3.9% at 49.76p, 12-month range 48.00p-72.20p. The real estate investment trust shares fell, after a slow start to 2024. In the year-to-date, shares are down 15%.

[master rsi] 07/3/2024 08:29

BTC Bitcoin $66,851

Is at the moment spiking up and very close to $67.000

--------------------------
GOLD

Is also continuing with the Uptrend with another $9 and at $ 2157

[master rsi] 07/3/2024 08:17

FTSE 100 to open flat, Nationwide and Virgin Money to merge
Proactive Investors - Virgin Money (LON:VMUK) has agreed to be taken over by Nationwide Building Society (LON:NBS) at 218p per share, representing a 37% premium to yesterday's closing price.

In a joint statement, the companies said the deal “would combine two complementary businesses”.

The potential acquisition would create a combined group with total assets of approximately £366.3 billion and total lending and advances of approximately £283.5 billion, making it the second-largest provider of mortgages and savings in the UK, according to the joint statement.

Chairman of Nationwide Building Society Kevin Parry commented: “The combination would increase Nationwide's scale and financial strength, put us in a stronger position to continue to provide Fairer Share Payments to eligible Nationwide members, and offer rates for mortgages and savings that are, on average, better than the market average."

Chief executive of Virgin Money UK David Duffy added: "This potential transaction with Nationwide represents an exciting opportunity to build on the significant progress we have made in becoming the only new Tier 1 bank in recent history.

“The combined scale and strength would expand our customer offering and complete our journey in the banking sector as a national competitor."

House prices remain ‘stable’
The Halifax House Price Index showed a 1.7% year-on-year rise in February, slowing from 2.3% in January.

Month on month, the index added 0.4% compared to 1.2% the previous month.

Kim Kinnaird, director of Halifax Mortgages, commented: “These figures continue to suggest a relatively stable start to 2024 and align with other promising signs of increased housing activity, such as mortgage approvals.

“In fact, the average price tag of a home is now only around £1,800 off the peak seen in June 2022.

“While it is encouraging that we’ve seen growth in recent months, what happens next remains uncertain. Although lower mortgage rates, alongside expectations of Bank of England interest rate cuts this year, should help buyer confidence in the short term, the downward trend on rates is showing signs of fading.”

FTSE to open flat
The blue-chip index will open flat at 7,651 today following a bullish post-Budget performance on Wednesday.

Stocks gained ground in the wake of Jeremy Hunt’s Spring Budget, with energy firms being boosted late on in the day.

On today’s economic calendar, the Halifax House Price Index showed house prices rising 1.7% in February, a slowdown from 2.3% in January.

Month on month, prices added 0.4%.

In company news, insurer Aviva plc (LON:AV) will soon provide its financial results, with adverse weather conditions the main topic of interest.

It is a packed earnings day all around, with ITV PLC (LON:ITV), Admiral Group (LON:ADML), Entertain, Melrose and recruiters PageGroup (LON:PAGE) and Robert Walters also releasing their financials.

[master rsi] 07/3/2024 08:07

FTSE

Down by 20 points at opening